Ottawa Invests $700-Million To Help Seed Clean Technology Companies

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The federal government in Ottawa has announced that it will give $700-million over the next five years to the Business Development Bank of Canada in order to help grow Canada's burgeoning clean technology industry.

The funding is intended to enable the bank to take on more risk and provide high-potential clean technology firms with more capital to expand their operations and hire staff. The investment was announced Thursday in Montreal by federal Innovation Minister Navdeep Bains and Environment Minister Catherine McKenna.

The $700-million of funding is part of the federal government's promise, made in last year's budget, to invest a total of $2.3-billion in clean technologies. Minister Bains is also set to announce the launch of a federal government “clean growth hub,” that will focus on supporting clean technology companies and projects, co-ordinating existing programs and tracking results.

Federal politicians in Ottawa contend that investments in clean technology are good for the environment and economy.

“Today's announcement demonstrates our government's commitment to create well-paying, middle-class jobs while growing the economy and protecting the environment,” said Minister Bains in a news release.

The Business Development Bank of Canada supports small and medium-sized businesses in all industries and at every stage of growth with money and advice.